Item 16. FORM 10-K SUMMARY

None.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrants have duly caused this Annual Report on Form 10-K for the year ended December 31, 2025 to be signed on their behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrants and in the capacities and on the dates indicated.


	PG&E CORPORATION		PACIFIC GAS AND ELECTRIC COMPANY
	(Registrant)		(Registrant)

	/s/ PATRICIA K. POPPE		/s/ SUMEET SINGH
	Patricia K. Poppe		Sumeet Singh

By:	Chief Executive Officer	By:	Chief Executive Officer, Pacific Gas and Electric Company, and Executive Vice President, Energy Delivery

Date:	February 11, 2026	Date:	February 11, 2026


Signature	Title	Date
A. Principal Executive Officers

/s/ PATRICIA K. POPPE	Chief Executive Officer	February 11, 2026
Patricia K. Poppe	(PG&E Corporation)



/s/ SUMEET SINGH	Chief Executive Officer, Pacific Gas and Electric Company, and Executive Vice President, Energy Delivery	February 11, 2026
Sumeet Singh	(Pacific Gas and Electric Company)


B. Principal Financial Officers
/s/ CAROLYN J. BURKE	Executive Vice President and Chief Financial Officer	February 11, 2026
Carolyn J. Burke	(PG&E Corporation)



/s/ STEPHANIE N. WILLIAMS	Vice President and Controller (PG&E Corporation)	February 11, 2026
Stephanie N. Williams	Vice President, Chief Financial Officer, and Controller (Pacific Gas and Electric Company)


C. Principal Accounting Officer
/s/ STEPHANIE N. WILLIAMS	Vice President and Controller (PG&E Corporation)	February 11, 2026
Stephanie N. Williams	Vice President, Chief Financial Officer, and Controller (Pacific Gas and Electric Company)


	D. Directors (PG&E Corporation and Pacific Gas and Electric Company, unless otherwise noted)

*	/s/ RAJAT BAHRI	Director	February 11, 2026
	Rajat Bahri



*	/s/ CHERYL F. CAMPBELL	Director	February 11, 2026
	Cheryl F. Campbell	Chair of the Board (Pacific Gas and Electric Company)



*	/s/ EDWARD G. CANNIZZARO	Director	February 11, 2026
	Edward G. Cannizzaro



*	/s/ KERRY W. COOPER	Director	February 11, 2026
	Kerry W. Cooper	Chair of the Board (PG&E Corporation)



*	/s/ LEO P. DENAULT	Director	February 11, 2026
	Leo P. Denault



*	/s/ JESSICA L. DENECOUR	Director	February 11, 2026
	Jessica L. Denecour



*	/s/ MARK E. FERGUSON III	Director	February 11, 2026
	Mark E. Ferguson III



*	/s/ W. CRAIG FUGATE	Director	February 11, 2026
	W. Craig Fugate



*	/s/ ARNO L. HARRIS	Director	February 11, 2026
	Arno L. Harris



*	/s/ CARLOS M. HERNANDEZ	Director	February 11, 2026
	Carlos M. Hernandez



*	/s/ JOHN O. LARSEN	Director	February 11, 2026
	John O. Larsen



*	/s/ PATRICIA K. POPPE	Director	February 11, 2026
	Patricia K. Poppe



*	/s/ WILLIAM L. SMITH	Director	February 11, 2026
	William L. Smith



*	/s/ BENJAMIN F. WILSON	Director	February 11, 2026
	Benjamin F. Wilson



*	/s/ SUMEET SINGH	Director (Pacific Gas and Electric Company)	February 11, 2026
	Sumeet Singh



*By:	/s/ JOHN R. SIMON	February 11, 2026
	John R. Simon, Attorney-in-Fact

PG&E CORPORATION

SCHEDULE I — CONSOLIDATED FINANCIAL INFORMATION OF PG&E CORPORATION (“PARENT”)

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME


	Years Ended December 31,
(in millions, except per share amounts)	2025		2024		2023
Administrative service revenue	$	194	$	146	$	154
Operating expenses	(207)		(167)		(165)
Interest income	11		15		13
Interest expense	(315)		(270)		(365)
Other expense	(145)		(17)		(21)
Equity in earnings of subsidiaries	3,065		2,697		2,530
Income Before Income Taxes	2,603		2,404		2,146
Income tax benefit	(86)		(94)		(96)
Net Income	$	2,689	$	2,498	$	2,242
Preferred stock dividend requirement	96		23		—
Income Available for Common Shareholders	$	2,593	$	2,475	$	2,242
Other Comprehensive Income (Loss)
Pension and other postretirement benefit plans obligations (net of taxes of $0, $3, and $6, at respective dates)	(3)		(7)		(16)
Net unrealized gain on available-for-sale securities (net of taxes of $0, $0, and $0, respectively)	—		1		—
Total other comprehensive income (loss)	(3)		(6)		(16)
Comprehensive Income	$	2,590	$	2,469	$	2,226
Weighted Average Common Shares Outstanding, Basic	2,197		2,141		2,064
Weighted Average Common Shares Outstanding, Diluted	2,202		2,147		2,138
Net Earnings Per Common Share, Basic	$	1.18	$	1.16	$	1.09
Net Earnings Per Common Share, Diluted	$	1.18	$	1.15	$	1.05

PG&E CORPORATION

SCHEDULE I — CONSOLIDATED FINANCIAL INFORMATION OF PG&E CORPORATION (“PARENT”) – (Continued)

CONSOLIDATED BALANCE SHEETS


	Balance at December 31,
(in millions)	2025		2024
ASSETS
Current Assets
Cash and cash equivalents	$	360	$	235
Restricted cash and restricted cash equivalents	1		1
Advances to affiliates	54		13
Income taxes receivable	39		2
Total current assets	454		251
Other Noncurrent Assets
Investments in subsidiaries	45,110		42,829
Other investments	182		175
Deferred income taxes	682		633
Total other noncurrent assets	45,974		43,637
TOTAL ASSETS	$	46,428	$	43,888
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable – other	146		36
Income taxes payable	—		1
Other current liabilities	444		420
Total current liabilities	590		457
Noncurrent Liabilities
Long-term debt	5,622		5,612
Other noncurrent liabilities	151		141
Total noncurrent liabilities	5,773		5,753
Shareholders’ Equity
Mandatory convertible preferred stock	1,579		1,579
Common stock	39,168		39,086
Reinvested earnings	(650)		(2,966)
Accumulated other comprehensive loss	(32)		(21)
Total shareholders’ equity	40,065		37,678
TOTAL LIABILITIES AND EQUITY	$	46,428	$	43,888

PG&E CORPORATION

SCHEDULE I – CONSOLIDATED FINANCIAL INFORMATION OF PG&E CORPORATION (“PARENT”) – (Continued)

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)


	Year ended December 31,
	2025		2024		2023
Cash Flows from Operating Activities:
Net income	$	2,689	$	2,498	$	2,242
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation amortization	82		53		4
Equity in earnings of subsidiaries	(3,065)		(2,699)		(2,530)
Deferred income taxes and tax credits, net	(49)		(94)		(116)

Current income taxes payable	(33)		—		9
Other	55		9		40
Net cash used in operating activities	(321)		(233)		(351)
Cash Flows From Investing Activities:
Investment in subsidiaries	(1,575)		(5,360)		(1,290)
Dividends received from subsidiaries (1)	2,350		2,025		1,775
Net cash provided by (used in) investing activities	775		(3,335)		485
Cash Flows From Financing Activities:


Repayments under term loan credit facilities	—		(500)		(2,181)
Proceeds from issuance of convertible notes, net of discount and issuance costs of $0, $0, and $27 at respective dates	—		—		2,123


Proceeds from issuance of long-term debt, net of premium and issuance costs of $0, $4, and $0 at respective dates	—		1,496		—
Common stock issued	—		1,128		—
Mandatory convertible preferred stock issued	—		1,579		—
Mandatory convertible preferred stock dividends paid	(97)		—		—
Common stock dividend paid	(220)		(86)		—
Other	(12)		(8)		(6)
Net cash provided by (used in) financing activities	(329)		3,609		(64)
Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents	125		41		70
Cash, cash equivalents, restricted cash, and restricted cash equivalents at January 1	236		195		125
Cash, cash equivalents, restricted cash, and restricted cash equivalents at December 31	$	361	$	236	$	195
Less: Restricted cash and restricted cash equivalents	(1)		(1)		(3)
Cash and cash equivalents at December 31	$	360	$	235	$	192

Supplemental disclosures of cash flow information
Cash paid for:
Interest, net of amounts capitalized	$	(306)	$	(215)	$	(309)

Supplemental disclosures of noncash investing and financing activities


Changes to PG&E Corporation common stock and treasury stock in connection with the share exchange with the Fire Victim Trust	$	—	$	—	$	(2,517)
Common stock dividends declared but not yet paid	111		55		21
Mandatory convertible preferred stock dividends declared but not yet paid	23		23		—

(1) Because of its nature as a holding company, PG&E Corporation classifies dividends received from subsidiaries as an investing cash flow.

PG&E CORPORATION

SCHEDULE II – CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 31, 2025, 2024, and 2023


(in millions)			Additions
Description	Balance at Beginning of Period		Charged to Costs and Expenses		Charged to Other Accounts		Deductions (2)		Balance at End of Period
Valuation and qualifying accounts deducted from assets:
2025:
Allowance for uncollectible accounts (1)	$	418	$	362	$	—	$	372	$	408
2024:
Allowance for uncollectible accounts (1)	$	445	$	312	$	—	$	339	$	418
2023:
Allowance for uncollectible accounts (1)	$	166	$	624	$	—	$	345	$	445

(1) Allowance for uncollectible accounts is deducted from “Accounts receivable - Customers.”

(2) Deductions consist principally of write-offs, net of collections of receivables previously written off.

PACIFIC GAS AND ELECTRIC COMPANY

SCHEDULE II – CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 31, 2025, 2024, and 2023


(in millions)			Additions
Description	Balance at Beginning of Period		Charged to Costs and Expenses		Charged to Other Accounts		Deductions (2)		Balance at End of Period
Valuation and qualifying accounts deducted from assets:
2025:
Allowance for uncollectible accounts (1)	$	418	$	362	$	—	$	372	$	408
2024:
Allowance for uncollectible accounts (1)	$	445	$	312	$	—	$	339	$	418
2023:
Allowance for uncollectible accounts (1)	$	166	$	624	$	—	$	345	$	445

(1) Allowance for uncollectible accounts is deducted from “Accounts receivable - Customers.”

(2) Deductions consist principally of write-offs, net of collections of receivables previously written off.

Previous: Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES